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Importance Of Reforms In Business Registration Procedures

Governments implement reforms in business registration to streamline procedures and meet the expectations of business industries for efficient and cost-effective system.

In Singapore, for instance, individuals and organizations (whether foreign or local) that want to do business in the country need to submit the requirements through Bizfile. Bizfile is an electronic filing system intended for convenient, fast and cost-effective processing of business applications and registration in the country.

In order to complete the online application without a hassle, the following documents should be submitted: proposed company name; type of company (e.g. private limited company, exempt private limited company, or foreign company); principal business of the company; and list of directors.

For every proposed company name, the applicant should pay S$15. Registration of local businesses cost S$50-600, while registration of foreign companies cost S$300-1200. Applicants can settle these bills using a credit card, cash card or eNets debit. Usually it takes 15 minutes to process the application. But for businesses that need permit from other Government agencies, it will take 15 days to complete the application.

In 2009, Singaporean government made another reform by implementing one ID system through Unique Entity Number or UEN. UEN is used by businesses and companies, representative offices and healthcare institutions as well as trade unions in interacting with government agencies.

It goes without saying that UEN replaces all identification numbers that different government agencies provide. Examples of IDs that UEN can replace include Central Registration Number, Employee Reference Number and Tax Reference Number, among others. UEN can also be used in dealing with these agencies: Housing & Development Board, SPRING Singapore, Land Transport Authority, JTC Corporation and Singapore Customs.

The main benefit of using UEN is that it makes transaction with different government agencies fast and convenient. Businesses don’t need to get different Identification Number for filing income tax returns or applying for import or export of goods.

Company formation in Singapore however involves dealing with technical requirements, particularly for foreign businesses. For this reason employing reliable company incorporation Singapore services is advisable. These firms have competent lawyers and accountants that can help company owners to understand company incorporation in Singapore.

For related articles on company formation in Singapore or Click here to learn more.